Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-26 06:52Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after facing difficulties in disclosing its annual report and being warned of delisting risks, with the proposal passing at a shareholder meeting with 98.0562% approval [1][5]. Group 1: Shareholder Meeting Details - The shareholder meeting held on August 25 lasted over two hours, with significant attendance from minority shareholders, some traveling long distances to participate [1][2]. - A total of 6,901 shareholders participated, with 17 attending in person and 6,892 voting online, representing over 42 billion shares, or 85.6420% of the voting rights [3]. - Despite concerns raised by minority shareholders regarding the delayed annual report and the company's operational status, the management did not provide substantial responses [3][4]. Group 2: Delisting Proposal and Voting Results - The proposal for voluntary delisting required approval from more than two-thirds of the attending shareholders, which was achieved with 41.80 billion shares voting in favor, equating to 98.0562% of the votes [5]. - Among minority shareholders, 9.05 billion shares voted in favor, representing 91.6191% of their voting rights [5]. Group 3: Shareholder Concerns - Minority shareholders expressed concerns about the cash option's exercise price of 1.60 CNY per share, which is approximately 36% of the company's net asset value of 4.41 CNY per share, indicating a significant discount [4]. - There were allegations that the company had pressured shareholders to vote in favor of the delisting proposal prior to the meeting, although this was not confirmed by the company [2].